The Insolvency Practitioners (Amendment) Regulations 2015 – Regulation 3
IPA Insolvency Practitioner newsletter AML Digest, September 2023
Contents
- David Holland, Chief Inspector and IPA Money Laundering Reporting Officer
- Spotlight on AML and Fraud (CPD: 5h)
- Reminder: High-risk countries for money laundering purposes: Enhanced Due Diligence
- Proliferation Financing
- New SARs Glossary Code & Reporting Routes Guidance
- The Economic Crime (Anti-Money Laundering) Levy (Amendment) Regulations 2023
- SARs in Action
- Updated guidance on submitting better quality Suspicious Activity Reports
- AASG/NCA alerts
- Regulatory update for Insolvency Practitioners: Importance of reviewing updates to the OFSI Sanctions List
- OPBAS – Supervisory Report 2022/23 and the Supervisory Regime consultation
- AML supervision
- New SARs Reporter Booklet
As outlined in the trends from AML Inspection Visits and AML Compliance Reviews, a number of findings arise from the lack of comment or notes in relation to issues arising from due diligence work to evidence consideration of potential increased risk matters and the conclusions reached as to the impact on the case risk.
Members are reminded that Reg 3 of the Insolvency Practitioners (Amendment) Regulation 2015 advises that:
In respect of each case in which an Insolvency Practitioner acts, the Insolvency Practitioner shall maintain records containing information sufficient to show and explain:
- The administration of that case by the Insolvency Practitioner and the Insolvency Practitioner’s staff; and
- Any decisions made by the Insolvency Practitioner which materially affect that case.
As AML considerations are a necessary regulatory requirement on all appointments that are taken, the requirement to ensure that clear file notes are held on the case file, or as part of the AML case risk assessment, is key to evidencing compliance.
The notes will evidence and highlight that the potential risk matter has been seen and noted by the case manager and that the position has been assessed and is being managed and mitigated.